BlackRock World Mining Trust : AIFMD Fund Disclosures

DISCLOSURE

DISCLOSURE OR LOCATION OF RELEVANT DISCLOSURE

REQUIREMENT

Please refer to the investment objective and strategy set out in the

Company's latest annual report

Investment strategy

http://www.blackrock.com/uk/individual/literature/annual-report/blackrock-

and objective

world-mining-trust-plc-annual-report.pdf

Master fund

N/A

domicile, if relevant

If the Company is a

N/A

fund of funds,

domicile of investee

funds

Please refer to the investment policy in the Company's latest annual report

http://www.blackrock.com/uk/individual/literature/annual-report/blackrock-

The types of asset in

world-mining-trust-plc-annual-report.pdf

which the Company

No material change may be made to the investment policy without the

may invest

passing of an ordinary resolution by the Company's shareholders.

Please refer to the investment guidelines in the Company's latest annual

reporthttp://www.blackrock.com/uk/individual/literature/annual-

Investment

report/blackrock-world-mining-trust-plc-annual-report.pdf

techniques that may

be employed and all

Please refer to the risk disclosures in the Company's latest annual report

associated risks

http://www.blackrock.com/uk/individual/literature/annual-report/blackrock-

world-mining-trust-plc-annual-report.pdf

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for a percentage of that project's revenue. The typical counterparties to

such royalties include owners and operators of metals and mining

businesses, investors in such businesses and specialist royalty financing

businesses. Such royalties may be income generating or non-income

generating at the time of acquisition depending upon the status of the

relevant project to which they relate.

Risks relating to the royalty contracts include the following:

Inability to participate in decision-making- The owners and operators of

mining projects will generally have the power to determine the manner in

which the relevant properties which the mining royalties relate to are

exploited, including decisions to commence, expand, continue or reduce

production from a property, decisions about the marketing of products

extracted from the property and decisions to advance exploration efforts

and conduct development of non-producing properties.

Any adverse operational decisions made by the owners and operators of

the projects that the Company mining royalties relate to may impact the

timing and amount of royalty revenue and may have a material adverse

effect on the Company's profitability and returns to Shareholders.

Failure to receive payments and absence of security - The Company is

dependent to a large extent upon the financial viability and operational

effectiveness of the investment counterparties that the mining royalties

relate to. Where payments from production flows through the operator,

there is a risk of delay and additional expense in receiving such revenues.

The right to payment under the mining royalties may not, in some cases, be

protected by a security interest over property or assets that could be readily

liquidated (and nor may the mining royalty be registered in mineral title or

land registries).

Mining royalties subject to other rights - Some future mining royalty or

royalty-type instrument interests that the Company may seek to acquire (or,

as the case may be, have directly or indirectly acquired) may be subject to:

(i) pre-emptive rights pursuant to which parties to operating or royalty

agreements have the right of first refusal or first offer with respect to a

proposed sale or assignment of the royalty; or (ii) claw back rights pursuant

to which the seller of a royalty has the right to re-acquire all or a portion of

the mining royalty or royalty-type instrument. Holders of these rights may

exercise them such that certain interests are not available to the Company.

This may have a material adverse effect on the Company's profitability and

returns to investors.

Contractual terms may not be adhered to - Royalty interests in natural

resource properties are largely contractual in nature. Parties to contracts

do not always honour contractual terms and contracts themselves may be

subject to interpretation or technical defects.

Limited access to data and disclosure - The Company will generally

have limited if any access to non-public data regarding the operations or to

the actual properties themselves that the Company mining royalties relate

to. This could affect its ability to enhance the royalties' performance.

Investment

Please refer to the investment policy in the Company's latest annual report

restrictions

http://www.blackrock.com/uk/individual/literature/annual-report/blackrock-

world-mining-trust-plc-annual-report.pdf

The management of the Company's assets is also subject to the following

investment restrictions.

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Derivatives

The Company may from time to time utilise derivatives for the purpose of

efficient portfolio management. Such derivatives may involve transactions in

options, futures and contracts for differences not traded on a recognised or

designated investment exchange (that is, over-the-counter transactions are

permitted).

The use of derivatives shall be subject to the following:

(a) the aggregate exposure to such derivatives (taking account of the total

gross long and the total gross short notional value of any futures and

contracts for differences and the exercise values of any option positions)

does not exceed 10 per cent of the gross assets of the Company;

(b) the exercise value of any options on individual securities does not

exceed 5 per cent of the gross assets of the Company;

(c) futures are appropriately covered at all times; and

(d) all investment in metal futures should be through BlackRock World

Mining Investment Company Limited unless they replicate an asset class.

Unquoted Securities

No more than 20 per cent of the gross assets of the Company shall be

invested in unquoted securities (being securities not listed, quoted or traded

on an investment exchange or which are not quoted on a recognised trading

or dealing platform). In order to diversify risk, royalty exposure may be

obtained directly or indirectly through a holding company, a fund or another

investment or special purpose vehicle, which may or may not be unquoted.

Any unquoted investment in a single company, fund or special purpose

vehicle or any single royalty which represents more than 10 per cent of the

Group's gross assets at the time of acquisition will require the prior approval

of shareholders. The Group is the Company and its subsidiary, BlackRock

World Mining Investment Company Limited.

The Company is also subject to all such investment restrictions as it is

required to adhere to in order to maintain its status as an investment trust

and its listing on the Official List of the UK Listing Authority.

Circumstances in

Please refer to the Company's latest annual report

which the Company

http://www.blackrock.com/uk/individual/literature/annual-report/blackrock-

may use leverage

world-mining-trust-plc-annual-report.pdfwhich discloses the gearing that the

The types and

Company uses, and the sources thereof.

Gearing may be used for short term liquidity purposes and for enhancing

sources of leverage

permitted

investment returns, always, however, in accordance with, and subject to the

limits set out in, the Company's stated investment policy (as set out in the

Restrictions on the

Company's latest annual report).

use of leverage

The Company may also be leveraged through its use of derivatives (see

The maximum level

above, the investment techniques disclosure).

of leverage which the

The definition of 'leverage' as understood pursuant to the AIFMD is wider

Company may

employ

than 'gearing', as measured in accordance with AIC guidelines.

Pursuant to its regulatory obligations, the Manager is required to express

the level which the Company's 'leverage' will not exceed.

For the purposes of this disclosure, leverage is any method by which a

fund's exposure is increased. A fund's exposure may be increased by using

derivatives, by reinvesting cash borrowings, through positions within

repurchase or reverse repurchase agreements, through securities lending

or securities borrowing arrangements, or by any other means (such

increase referred to herein as the "Incremental Exposure"). The AIFMD

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prescribes two methodologies for calculating overall exposure of a fund: the

"gross methodology" and the "commitment methodology". These

methodologies are briefly summarised below.

The commitment methodology takes account of the hedging and netting

arrangements employed by a fund at any given time (purchased and sold

derivative positions will be netted where both relate to the same underlying

asset). This calculation of exposure includes all Incremental Exposure as

well as a fund's own physical holdings and cash. By contrast, the gross

methodology does not take account of the netting or hedging arrangements

employed by a Company. This calculation of exposure includes all

Incremental Exposure as well as the Company's own physical holdings;

cash is excluded.

The AIFMD requires that each leverage ratio be expressed as the ratio

between a fund's total exposure (including any Incremental Exposure) and

its net asset value. Using the methodologies prescribed under the AIFMD

and implementing legislation, the Company has set a maximum level of

leverage, taking into account atypical and volatile market conditions.

Leverage will not exceed the ratio of 2:1 using the commitment

methodology and 4:1 using the gross methodology.

The use of leverage, including borrowings, may increase the volatility of the

Company's net asset value per Ordinary Share and also amplify any loss in

the value of the Company's assets.

While the use of borrowings should enhance the total return on the Shares

where the return on the Company's underlying assets is rising and exceeds

the cost of borrowing, it will have the opposite effect where the return on the

Company's underlying assets is falling or rising at a lower rate than the cost

of borrowing, reducing the total return on the Shares. As a result, the use of

borrowings by the Company may increase the volatility of the net asset

value per Share.

Any reduction in the value of the Company's investments may lead to a

correspondingly greater percentage reduction in its net asset value (which is

likely to adversely affect the price of a Share). Any reduction in the number

of Shares in issue (for example, as a result of buy backs or tender offers)

will, in the absence of a corresponding reduction in borrowings, result in an

increase in the Company's level of gearing.

To the extent that a fall in the value of the Company's investments causes

gearing to rise to a level that is not consistent with the Company's gearing

policy or borrowing limits, the Company may have to sell investments in

order to reduce borrowings.

The Company will pay interest on its borrowings. As such, the Company is

exposed to interest rate risk due to fluctuations in the prevailing market

rates. The Company may employ hedging techniques designed to reduce

the risk of adverse movements in interest rates. However, such strategies

may also result in losses and overall poorer performance than if the

Company had not entered into such hedging transactions.

The risks associated with the derivatives used by the Company which may

contribute to the leverage of the Company are set out earlier.

Collateral and re-use

The Company may be required to deliver collateral from time to time to its

arrangements

trading counterparties and/or brokers under the terms of the relevant trading

agreements (including, but not limited to, ISDA master agreement, related

credit support documentation and/or securities lending, repurchase, master

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forward, foreign exchange and/or futures clearing agreements), by posting

initial margin and/or variation margin and on a daily mark-to-market basis.

The Company may deliver such collateral by way of title transfer or by way

of security interest (and, in certain circumstances, may grant a right of re-

use in respect of any such collateral that is the subject of a security interest

arrangement) to a trading counterparty or broker. The treatment of such

collateral varies according to the type of transaction and where it is traded.

The main

The Company is a company limited by shares, incorporated in England and

implications of the

Wales. While investors acquire an interest in the Company on subscribing

contractual

for or purchasing Shares, the Company is the sole legal and/or beneficial

relationship entered

owner of its investments. Consequently, Shareholders have no direct legal

into for the purpose

or beneficial interest in those investments. The liability of Shareholders for

of investment

the debts and other obligations of the Company is limited to the amount

including information

unpaid, if any, on the Shares held by them.

on jurisdiction,

Shareholders' rights in respect of their investment in the Company are

applicable law and

enforcement

governed by the Company's articles of association and the Companies Act

2006. Under English law, the following types of claim may in certain

circumstances be brought against a company by its shareholders:

contractual claims under its articles of association; claims in

misrepresentation in respect of statements made in its prospectus and other

marketing documents; unfair prejudice claims; and derivative actions. In the

event that a shareholder considers that it may have a claim against the

Company in connection with such investment in the Company, such

Shareholder should consult its own legal advisers.

Jurisdiction and applicable law

As noted above, Shareholders' rights are governed principally by the

articles of association and the Companies Act. By subscribing for Shares,

investors agree to be bound by the articles of association which is governed

by, and construed in accordance with, the laws of England and Wales.

Recognition and enforcement of foreign judgments

Regulation (EC) 593/2008 ("Rome I") must be applied in all member states

of the European Union (other than Denmark). Accordingly, where a matter

comes before the courts of a relevant member state, the choice of a

governing law in any given agreement is subject to the provisions of Rome

I. Under Rome I, the member state's courts may apply any rule of that

member state's own law which is mandatory irrespective of the governing

law and may refuse to apply a rule of governing law if it is manifestly

incompatible with the public policy of that member state. Further, where all

other elements relevant to the situation at the time of the choice are located

in a country other than the country whose law has been chosen, the choice

of the parties shall not prejudice the application of provisions of the law of

that other country which cannot be derogated from by agreement.

Shareholders should note that there are a number of legal instruments

providing for the recognition and enforcement of foreign judgments in

England. Depending on the nature and jurisdiction of the original judgment,

Council Regulation (EC) No 44/2001 on jurisdiction and the recognition and

enforcement of judgments in civil and commercial matters, Regulation (EC)

No 805/2004 of the European Parliament and of the Council of 21 April

2004 creating a European Enforcement Order for uncontested claims, the

Convention on jurisdiction and the recognition and enforcement of

judgments in civil and commercial matters done at Lugano on 30 October

2007, the Administration of Justice Act 1920 and the Foreign Judgments

(Reciprocal Enforcement) Act 1933 may apply. There are no legal

instruments providing for the recognition and enforcement of judgments

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obtained in jurisdictions outside those covered by the instruments listed

above, although such judgments might be enforceable at common law.

Manager's

Professional liability risks resulting from those activities which the Manager

compliance with

carries out pursuant to the AIFMD, are, to the extent required by law,

GENPRU 2.1.67G

covered by the Manager through 'own funds' (within the meaning of

GENPRU).

Valuation procedure

All investments are designated upon initial recognition as held at fair value

and methods

through profit or loss. The fair value of the financial instruments is based on

their quoted bid price. Unquoted investments are valued at fair value using

International Private Equity and Venture Capital Valuation Guidelines.

Liquidity risk

The Company is a closed ended listed investment company and, as such,

management

Shareholders in the Company have no right to redeem their Shares. Any

redemption offered to Shareholders shall be at the discretion of the directors

of the Company.

Liquidity risk is therefore the risk that a position held by the Company

cannot be realised at a reasonable value sufficiently quickly to meet the

obligations (primarily, debt) of the Company as they fall due.

In managing the Company's assets therefore the Manager seeks to ensure

that the Company holds at all times a sufficient portfolio of assets listed on

recognised investment exchanges to enable it to discharge its payment

obligations. The Company also maintains an uncommitted overdraft facility

and a separate loan facility which it utilises from time to time for short term

liquidity purposes.

Fair treatment of

As a company listed on the UK Listing Authority's Official List, the Company

shareholders /

is required to treat all shareholders of a given class equally.

preferential

treatment

Latest net asset

The latest published net asset value of the Company can be found in the

value of the

Announcements section of the Company's website

Company

https://www.blackrock.com/uk/individual/products/investment-trusts/our-

range/blackrock-world-mining-investment-trust/trust-information#useful-

information

Historical

Please refer to the Company's latest annual report

performance of the

http://www.blackrock.com/uk/individual/literature/annual-report/blackrock-

Company

world-mining-trust-plc-annual-report.pdfwhich contains historical

performance information on the Company.

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that the NAV per share increases on a quarter-on-quarter basis, the fee will

then be paid on gross assets for the quarter.

The Manager has delegated day-to-day discretionary portfolio management,

risk management, administrative and fund accounting activities to

BlackRock Investment Management (UK) Limited who has, in turn,

delegated certain fund accounting services to Bank of New York Mellon

(International) Limited.

Conflicts may arise between the interests of the Manager and its permitted

delegates in certain circumstances, for example, where there is likelihood

that: (i) the delegate and an investor in the Company are members of the

same group or have any other contractual relationship, if the investor

controls the delegate or has the ability to influence its actions; (ii) the

delegate makes a financial gain, or avoids a financial loss, at the expense of

the Company or the investors in the Company; (iii) the delegate has an

interest in the outcome of a service or an activity provided to the Manager or

the Company; (iv) the delegate has a financial or other incentive to favour

the interest of another client or fund over the interests of the Company or

the investors in the Company; (v) the delegate receives or will receive from

a person other than the Manager an inducement in relation to the collective

portfolio management activities provided to the Manager and the Company

in the form of monies, goods or services other than the standard

commission or fee for that service.

Although conflicts of interest can also arise where the delegate and the

Manager are members of the same group or have any other contractual

relationship and the delegate controls the Manager or has the ability to

influence its actions, it is not currently considered that there are material

existing conflicts of interest between the Manager and the Investment

Manager, its parent company.

The BlackRock Group has policies and procedures in place to monitor the

conflicts of interest that may arise in the context of the Manager's delegation

of certain of its functions. To the extent any actual conflicts of interest are

determined to have arisen, the BlackRock Group will manage such conflicts

to minimise any impact on the investment performance of the Company and

will also seek to prevent them from reoccurring.

Company secretary

BlackRock Investment Management (UK) Limited whose registered office is

12 Throgmorton Avenue, London EC2N 2DL.

The company secretary's duties include the arrangement of, co-ordination

and preparation of board and committee meetings and papers; ensuring that

packs provided for board meetings shall include required documents; and

attendance and minuting of board meetings.

The fee payable for company secretarial services is covered by the

management fee described above.

Depositary

The Bank of New York (International) Limited whose registered office is 160

Queen Victoria Street, London EC4V 4LA.

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instrument account opened in the Depositary's books and all financial

instruments that can be physically delivered to the Depositary; and (ii)

for other assets, verifying the ownership of such assets and

maintaining records accordingly;

(c)

ensuring that the sale, issue, re-purchase, redemption and

cancellation of shares in the Company are carried out in accordance

with applicable law and the Company's articles of association;

(d) ensuring that the value of the shares in the Company is calculated in

accordance with applicable law and the articles of association;

(e) carrying out the instructions of the Manager, unless they conflict with

applicable law or the articles of association;

(f)

ensuring that in transactions involving the Company's assets any

consideration is remitted to the Company within the usual time limits;

and

(g) ensuring that the Company's income is applied in accordance with

applicable law and the articles of association.

The remuneration of the depositary will be paid out of the property of the

Company and will consist of a periodic charge (together with value added tax

thereon), calculated on the first business day of each month and based upon

the net asset value of the portfolio (being the total value of all assets held less

all liabilities but including current income) using bid market prices at close of

business on the last business day of the preceding month. The calculation of

each periodic charge shall be based on the number of calendar days in the

relevant month.

The depositary receives an annual fee of 0.0095% (0.95 basis points) of the

Company's net asset value (calculated in accordance with AIC guidelines)

at each quarter end. In addition to this fee, the Depositary is entitled to

recharge expenses incurred in the performance of its duties which include

custody fees. More information is given in the "other ongoing expenses"

section below.

Registrar

Computershare Investor Services PLC whose registered office is The

Pavilions, Bridgwater Road, Bristol BS99 6ZZ.

The principal duty of the registrar is the maintenance of the register of

shareholders (including registering transfers). It also provides services in

relation to corporate actions (including tender offers and the exercise of

subscription shares), dividend administration and shareholder

documentation.

Computershare receives a fixed fee of £64,800 plus disbursements and

VAT. Fees in respect of corporate actions are negotiated on an arising

basis.

Auditors

PricewaterhouseCoopers LLP whose registered office is Atria One, 144

Morrison Street, Edinburgh EH3 8EX.

The auditors' responsibility is to audit and express an opinion on the

financial statements of each Company in accordance with applicable law

and auditing standards.

The auditors' remuneration is determined by the Directors of the Company

and for the year ending 31 December 2024 amounts to £65,000 in respect

of the annual audit.

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